The ASX 200 slipped badly falling 47 points to 6619 as EOFY looms. US futures up 27 ahead of the G2 meeting tomorrow. Selling increased during the day as miners led the falls after the Aussie dollar pushed through 70c on US weakness ahead of G2. BHP fell 1.7% RIO down 2.5% and FMG falling 2%. Banks tried hard to buck the sell off but succumbed in the end, with CBA down 0.4%. Energy stocks ran into profit taking too with WPL down 2%. In corporate news, APT dropped heavily after Visa announced plans to get into the BNPL space. The whole sector was under pressure with APT down 9.9%   In Asia, markets slipped slightly with Japan down 0.45% and China down 0.56%. AUD at 70.11c.

Today’s Highlights

  • ASX 200 down 47 to 6619. No window dressing.
  • High 6670 Low 6619.
  • For the week the index is down 32 points.
  • Miners turn negative as commodity prices fall.
  • Banks weaker with bond proxies also under pressure.
  • APT faces competition from Visa.
  • AUD rallies again top 70.11c
  • Aussie gold rises to $2018.
  • Bitcoin hits US$10,982
  • US futures up 27.
  • Asian markets

STOCKS

  • PGH +9.84% UBS upgrades.
  • JIN +2.81% big jackpot next week.
  • VGI +6.39% rally continues but liquidity an issue.
  • MSB+4.24% gaining fans.
  • AVH +3.70% change in substantial holding
  • APT -9.92% Visa woes.
  • ORE -% broker downgrade.
  • OBM -90.72% resumes trade
  • MGX -8.52% iron ore falls.
  • TLS -0.26% party time over?
  • AGL -0.55% delay over import terminal plans.
  • SPT -6.67% BNPL under pressure.
  • BHP -1.67% WA issues with tax
  • RIO -2.48% Mongolian problems
  • Speculative stock of the Day: Nothing with volume today.
  • Biggest Risers: PGH, VGI, DDR, LEP, BAL, MSB and GNE
  • Biggest Falls: APT, MGX, BUB, BVS, CIP and WBA

TODAY

  • Tabcorp (TAH) –0.67% appoint Adam Newman as CFO, effective October 2019. Newman has been CFO of AusNet (AST) since 2013.
  • Centuria Industrial REIT (CIP) –4.08% complete their $70m institutional placement at 305c per share.
  • BHP Group (BHP) -1.67% agree to a $250m settlement in a dispute with the WA government over iron ore royalty.

ECONOMIC NEWS

  • Private sector credit rose by 0.2% from last months number, meeting expectations following a 0.2% rise last month. Housing credit rose 0.2% and business credit rebounded up 0.1% to offset a 0.6% fall in credit for other personal use.

BOND MARKETS

  • 2-Year bond yields fell 1bps to 0.97%
  • 5-Year yields down 1bps to 1.01%
  • 10-Year yields down 2 bps to 1.33%

ASIAN NEWS

  • Vietnam’s economy expanded faster than expected in the second quarter of this year as the trade war has helped push Chinese companies into the country.
  • Japanese industrial production rose at its quickest rate in seven months during May, while the country’s already low unemployment rate held steady.

EUROPEAN AND US HEADLINES

  • No other game in town except the Xi Trump meeting tomorrow. Everything else is just waiting.
  • So far Trump is playing nice with the other children.

Happy New Financial Year

Ran out of jokes…please send more!!

 

Clarence

XXmt_tryforfree

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